Advice - What's this unit worth?

[Urban Newbie]

Hi All:
A friend who is a total newbie to the condo world is contemplating entering into a private sale with a friend for an older unit on Lakeshore Blvd. West. I wanted to check in on her behalf to see if any of you are familiar with the building/area and what you think of its value.

My friend says a similar units with more upgrades sold in this same building for about $245,000. She's wondering if it's a pipe dream to get the unit below for between 220,000 - 230,000. It sounds low to me, but I wanted to put it to the experts.

Details:

Building: Marina Del Ray, Lakeshore Blvd. West, Toronto - 9th Floor (limited south/south-west view)

Ammenities: Exercise room/pool

Maintenance fees: $430/mth

Approx 710 sq ft 1 bedroom plus den, 1 bathroom. No balcony.

Kitchen – new marble counter tops (wh), new single sink, new tile back splash (wh), new doors on cupboards, new floor, new lighting fixtures; used appliances (electric stove/fridge/dishwasher)

New washer/dryer in separate hall closet near condo entrance and next to kitchen

Closets (2) – hall / bedroom (bedroom not walk in, but interior refinished); also full length mirror on 2 closet sliding doors

Underground parking (1 space)

Locker (locker and parking space, both close to underground door to building)


I know I'm asking you to speculate, but any insights are appreciated. Thanks!
UN

 

[carturo15]

The unit 926 (same floor) is currently on the market for $268900, it has 880 sq ft with parking. That is $306 psf, the unit that your friend is looking at has 710 sq ft, $306x710=$217k. Most of the times the smaller units carry a higher price per sq ft, so I would say something in the range of $220-$230 as your friend says sounds reasonable to me.

 

[simuls]

I'd be more cautious about the condo fee. $430 is high for 710 ft. Older buildings tend to escalate their condo fees at a more rapid pace as well.

 

[Pretzel]

Wow, that’s a pretty good price for living by the lake IMHO. Makes me regret buying pre construction

 

[dpylyp]

Living By the Lake

that’s a pretty good price for living by the lake IMHO.

Marina Del Ray is one of the Premier complex's for their multi building ownership of the Rec center, The Malibu Club.

Many comment that there is no need for a gym membership given the services available. Living on the Mark Goodman Trail. ETC.

There is inherent value is examining the existing units available for sale and comparing the price per square foot. Older buildings will have higher maintenance fees. Some older buildings will have larger units and fewer amenities.

People are often surprised that 1600 square foot 3 bedroom units can be found in Mississauga under 300K but the maintenance fees sound huge at $700 . When you compare that newer buildings have maintenance fees of $400 at 7 - 800 square feet, you tend to re evaluate what you are actually getting.

 

[urbandreamer]

^conversely, I was recently viewing a 750SF condo at the Loretto on Brunswick Av--great space, but really ugly interior design. Also, crazy high maintenance fees--$850 monthly on top of the huge asking price--iirc, north of $700,000.

 

[UD2]

Older buildings will have higher maintenance. The current number will only go up in the future and once the building reaches the age for major repairs and renovations, this number may do a rather notible jump.

So this need to be factored into your friends price, as to how much she is actually paying for this buidling.

Sout Beach Condos, for example, have brand new units simliar to your friend's condo going for around 250K. However the maintenance is half that.

 

[cdr108]

Older buildings will have higher maintenance. The current number will only go up in the future and once the building reaches the age for major repairs and renovations, this number may do a rather notible jump.

So this need to be factored into your friends price, as to how much she is actually paying for this buidling.

Sout Beach Condos, for example, have brand new units simliar to your friend's condo going for around 250K. However the maintenance is half that.

i highly doubt the maintenance fees at SBC are $215 (half the $430 quoted) for 710 SF .. that would mean $0.30 PSF and any new development i've seen quote at least 'estimate' $0.40-0.45 PSF.

PLUS, ask anyone who's bought a new building, they will tell you that the fees went up dramatically after the first year to at least $0.50+ PSF since most developers tend to under-budget the fees to make their project look more attractive.

i was browsing the SBC thread and read that their units are selling for $400-500 PSF, so a unit of similar size would be around $280+K ... a premium of $100+ PSF over Marina Del Ray.

 

[MadMax]

i highly doubt the maintenance fees at SBC are $215 (half the $430 quoted) for 710 SF .. that would mean $0.30 PSF and any new development i've seen quote at least 'estimate' $0.40-0.45 PSF.

PLUS, ask anyone who's bought a new building, they will tell you that the fees went up dramatically after the first year to at least $0.50+ PSF since most developers tend to under-budget the fees to make their project look more attractive.

SB's projected maintenance fees are going to be $0.38/sq.ft....hydro separately metered. You are right that the maintenance fees are an estimate and usually the fees go up by the time the building is registered and you begin to hand over the first years cheques. I asked my lawyer about this and he said every builder's condo fees are a bit higher than what's on their initial price lists...if the average building(s) take about 3-4 years to build I guess they have to factor in inflation and also skim a little more off of the purchasers. The last condo I bought, the condo fees went up by about 10 percent by the time I took title. Not too bad imo...